Jiangling Motors (original) (raw)

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Chinese automobile manufacturer

Jiangling Motors Corporation Limited
Company type Public limited company
Traded as SZSE: 000550
Industry Automotive
Predecessor JMCG truck production division
Founded 1993; 31 years ago (1993)
Headquarters Nanchang, Jiangxi, China
Key people Tiangao Qiu (Chairman)Chunying Xiong (President)
Products Automobiles
Production output Decrease 281,594 (2022)[1]
Revenue Decrease CN¥30.10 billion (2022)[1]
Operating income Increase CN¥0.90 billion (2022)[1]
Net income Increase CN¥0.86 billion (2022)[1]
Total assets Increase CN¥27.47 billion (2022)[1]
Total equity Increase CN¥9.24 billion (2022)[1]
Owners Nanchang Jiangling Investment Co., Ltd. (41.03%)[note 1]Ford Motor Company (32%)[1][2][3]
Number of employees 12,339 (December 2022)[1]
Divisions JMC YushengJMC New Energy
Subsidiaries JMC Heavy Duty Vehicle (dormant)Jiangling Ford Motor Technology (Shanghai) Company (51%)
Chinese name
Simplified Chinese 江铃汽车股份有限公司
Traditional Chinese 江鈴汽車股份有限公司
TranscriptionsStandard MandarinHanyu PinyinJiānglíng Qìchē Gǔfèn Yǒuxiàn Gōngsī
Website jmc.com.cn

Jiangling Motors Corporation Limited, abbreviated JMC, is a Chinese automobile manufacturer. According to company and press reports, the largest shareholder of JMC is Jiangling Investment, a company controlled equally by the state-owned enterprises Changan and Jiangling Motors Corporation Group (JMCG).[2][3]

The history of Jiangling Motors Corporation (JMC) can be traced to a truck repair shop opened in Nanchang in 1947 which operated under the name Nanchang Motors Repair Factory. A JMC predecessor started assembling vehicles in 1968. The company was granted the approval of Jiangxi Province Economic Restructuring Commission to be reorganized to establish a joint stock limited company on February 20, 1993. JMC A shares and B shares were listed on Shenzhen Stock Exchange on December 1, 1993, and September 29, 1995, respectively.[_citation needed_]

In the 1990s, Ford lost a bid against American rival General Motors for getting a joint venture deal with the Chinese manufacturer SAIC Motor.[4] In 1995, as part of its push for getting new Chinese partners, Ford acquired B shares equivalent to a 20% equity in JMC, becoming the second-largest shareholder.[5][6] In 1996, JMC began selling its products in overseas markets, initially Egypt and the Middle East.[6] As of 2021[update], the largest overseas market by volume for JMC is Chile.[7] In 1997, JMC and Ford started the production of their first joint product, the Ford Transit, with JMC supplying various key components (as engines and axles)[6] and Ford the design. In 1998, after JMC issued additional B shares, Ford upped its stake to 30%.[5][6] In 2013, Ford purchased more B shares, increasing its stake to over 30%.[8]

In late 2010, Jiangling released the first passenger vehicle of JMC under the newly launched JMC Yusheng sub-brand, the Yusheng S350 SUV.[9]

In 2013, JMC reorganized the heavy truck manufacturer Changan Taiyuan as a wholly owned subsidiary named JMC Heavy Duty Vehicle.[10] In mid-2021, JMC Heavy Duty Vehicle was sold to Volvo Trucks.[11] Volvo Trucks later terminated the acquisition agreement, leaving JMC Heavy Duty Vehicle as a JMC subsidiary. As of May 2023[update], JMC Heavy Duty Vehicle production and sales are suspended.[12]

In December 2021, JMC and Ford established a Shanghai-based joint venture focused on the production of passenger cars. The venture is called Jiangling Ford Motor Technology (Shanghai) Company (Jiangling Ford). JMC owns a 51% and Ford a 49% of its stake.[13]

JMC produces vehicles under the JMC, JMC Yusheng, Ford and other brands and sub-brands. It has assembly plants around Nanchang (at Qingyunpu and the Xiaolan Economic Zone).[14] JMC also has a new energy vehicle plant (the Fushan plant) in the Xiaolan Economic Zone.[15]

A brand mainly for commercial vehicles

A JMC Teshun photographed in Shenzhen, China

A JMC Boarding photographed in Cancun, Mexico

A JMC Yusheng photographed in Shanghai, China

A JMC Yunba photographed in Dandong, China

A brand for passenger vehicles.

In June 2023, JMC unveiled Lexing (Chinese: 乐行; pinyin: Lèxíng; lit. 'Happy travel'), its first sub-brand aimed to only be used on new energy vehicles, and presented its first model, an electric light truck.[18]

A brand for pickup trucks and SUVs. Launched in 2023.[19]

Licensed Ford production

[edit]

The following table includes a list of annual sales according to company's data.

Sales of Jiangling Motors [21]

Year Total JMC Yusheng JMC Heavy Duty Ford
2010 178,999 126,641 - - 52,358
2011 194,588 135,993 - - 58,595
2012 200,008 134,485 8,346 - 57,177
2013 230,006 148,061 14,160 392 67,785
2014 275,858 177,036 26,708 38 72,076
2015 262,756 165,512 19,651 33 77,560
2016 281,019 163,219 37,346 52 80,402
2017 310,028 211,672 29,151 636 68,569
2018 285,066 218,257 6,892 1,516 58,401
2019 290,058 189,317 1,551 1,080 98,110
2020 331,098 undisclosed
2021 341,008 undisclosed
2022 282,008 undisclosed
2023 310,008 undisclosed

Although Jiangling Motor is a public-listed company in which Ford Motor Company only holds a minority stake, the former's sales volume is consolidated into the latter's.[22]

  1. ^ Jiangling Investment is an equally-owned holding whose ultimate controllers are the Nanchang State-owned Assets Supervision and Administration Committee and the SASAC.

  2. ^ a b c d e f g h "Jiangling Motors Corporation, Ltd. 2022 Annual Report" (PDF). JMC. pp. 11, 49, 65–66, 77–79. Retrieved 16 July 2023 – via Sohu.

  3. ^ a b Jian, Jianru (30 May 2019). Zhang, Bei (ed.). "江铃汽车和长安汽车共同成立投资公司 注册资本10亿元" [Jiangling Group and Changan Automobile jointly established an investment company with a registered capital of 1 billion yuan]. nbd.com.cn (in Chinese). Retrieved 7 June 2019.

  4. ^ a b Xing, Lei (6 June 2019). "AIWAYS Acquires 50 Percent Stake In Jiangling Holding For Nearly ￥1.75 Billion". China Automotive Review. Retrieved 7 June 2019.

  5. ^ Gallagher, Kelly Sims (2006). China Shifts Gears: Automakers, Oil, Pollution, and Development. MIT Press. p. 80. ISBN 978-0-262-07270-0. Jiangling Transit Ford.

  6. ^ a b Moser, Michael J.; Yu, Fu (2014). Doing Business in China. Juris Publishing. ISBN 978-1-57823-155-3.

  7. ^ a b c d Luo, Yadong (2000). How to Enter China. University of Michigan Press. pp. 300, 303. ISBN 978-0-472-11188-6.

  8. ^ "JMC's sales in Chile jumped 300% YoY in 2021". China Trucks. 27 December 2021. Retrieved 22 February 2022.

  9. ^ Yan, Fang; Takada, Kazunori (17 April 2013). "Ford raises stake in China's Jiangling Motors". Reuters. Retrieved 1 February 2019.

  10. ^ "JMC, a Ford Partner, Releases First Passenger Car–Yusheng SUV". ChinaAutoWeb.com. 5 December 2010.

  11. ^ "江铃重汽" [Jiangling Heavy Vehicle]. 360che.com (in Chinese). Retrieved 4 April 2019.

  12. ^ Zhang, Yushuo (24 August 2021). "Volvo buys Jiangling Motors' unit to start making heavy-duty trucks in China". Yicai Global. Retrieved 22 February 2022.

  13. ^ "江铃汽车：江铃重汽已暂停生产和销售，坚定新能源转型" [Jiangling Motors: JMC Heavy Duty Vehicle has suspended production and sales. The company is committed to new energy transformation]. Automotive News Gasgoo (in Chinese). 24 May 2023. Retrieved 16 July 2023 – via Tom.com.

  14. ^ "江铃福特共同成立汽车新公司 注册资本2亿" [Jiangling and Ford jointly established a new automotive company with a registered capital of CN¥200 million]. Caijing (in Chinese). 28 December 2021. Retrieved 22 February 2022.

  15. ^ "公司简介" [Company profile] (in Chinese). JMC. Retrieved 14 October 2019.

  16. ^ "江铃汽车富山工厂全面投产" [Jiangling Motors' Fushan plant fully operational]. Jiangxi News (in Chinese). 10 September 2021. Retrieved 22 February 2022.

  17. ^ "上海：江铃汽车顺达EV 近期最高降1.0万" [Shanghai: JMC's Shunda EV price dropped recently by up to CN¥10,000]. PC auto (in Chinese). 18 July 2023. Retrieved 19 July 2023.

  18. ^ "江铃汽车股份有限公司 - 车型子页". www.jmc.com.cn. Retrieved 2024-02-15.

  19. ^ a b "驶入新赛道，江铃发布乐行新能源品牌，全球上市纯电轻卡E路达" [Entering a new path, JMC released the Lexing new energy brand, launching the pure electric light truck E-Road globally]. Sohu Auto (in Chinese). 16 June 2023. Retrieved 19 July 2023.

  20. ^ "Ecoboost发动机 江铃全新品牌大道发布". autohome.com.cn. Retrieved 21 March 2023.

  21. ^ "江铃汽车股份有限公司 - 车型子页". www.jmc.com.cn. Retrieved 2024-02-15.

  22. ^ "江铃汽车(000550) - 财务报告 - 股票行情中心 - 搜狐证券". q.stock.sohu.com. Retrieved 2024-01-10.

  23. ^ "Investor Information". Ford Motor Company.